Class Action Lawsuit Alleges JP Morgan Engaged in Systematic Document Fabrication to Move Mortgage Losses from Its Books into Mortgage Backed Securities « naked capitalism

Class Action Lawsuit Alleges JP Morgan Engaged in Systematic Document Fabrication to Move Mortgage Losses from Its Books into Mortgage Backed Securities « naked capitalism

This story of the banking criminal activity just continues to unfold and it is becoming more and more unbelievable as the evidence to support massive bank fraud and criminal activity is finally seeing the light of day.  In that sense the story is playing out just as most people who knew the truth thought it would play out.  What is the truth?  The truth is that banks have egregiously committed fraud and other criminal activity for their own gain and to try and purposefully break the law and beat the system.  The real crazy thing is that the government seems to be okay with the massive lies and law breaking that has been going on by the major bank players.  It is disgusting and appalling to see the government try to brush such a massive abuse of the American taxpayer under the rug for the sake of political gain.  It is becoming more and more clear every day that the banking industry screwed just about every home owner in the country to some degree and they knew they were doing it.  Now we are seeing why they felt no shame in doing so as they have gotten away with what could be seen as the banking industry's rendition of the prefect murder.  However, it is only perfect because the politicians and current administration are in the tank for the too big to fail banks.  It is a shame that the failure of our "democracy" has to be revealed with the systematic wiping out of trillions of dollars of wealth.  

taken from story on Naked Capitalism.com

We’ve reported repeatedly of widespread evidence of grotesque procedural abuses as servicers and foreclosure mill lawyers try to cover up for the fact that in many cases, mortgage notes were not transferred properly to securitization trusts, and the rigid way these deals were structured makes it impossible to remedy those failures at this juncture. Absent creating a time machine, the only fix is to fabricate documents that make it appear than things were done correctly. We’ve seen (as in in person) obvious forgeries submitted to the court (signatures obviously Photoshop shrunk to fit) and servicer personnel caught perjuring themselves, yet judges are remarkably unwilling to issue a ruling that hinges on finding that the plaintiff filed phony documents.
If this case moves forward, that reticence may change. Note that this case, which covers only the Central District of California, alleges that Chase engaged in over 7000 filings of motions of relief of stay in bankruptcy court using fabricated documents. Remember that filing for bankruptcy puts a “stay” or hold, on all creditor claims. They all go wait while the court determines which creditors get what from the under water borrower. A “motion for relief of stay” by a mortgage lender is tantamount to saying, “Judge, let me grab the house.” Motions for relief of stay are typically a costly nuisance for bankruptcy lawyers. It wastes the borrower’s scarce money to shoo them away (and some plaintiffs’ lawyers will take advantage of inexperienced bankruptcy lawyers by getting them to sign a waiver in return for dropping the motion for relief of stay that looks innocuous but has a paragraph in it changes the burden of proof from the bank to the borrower, which almost always puts them at a fatal disadvantage and results in the loss of the home).

A Reason to Stop Banking with Wells Fargo « naked capitalism

A Reason to Stop Banking with Wells Fargo « naked capitalism

This is a great story and certainly lays out a great case for not banking with Well or with anyone TBTF bank. All the TBTF banks are full of hypocrites and liars who never get questioned by the media or the government. The scam that was called a bailout of AIG was a complete fleecing of the taxpayer to benefit all large banks including JP Morgan , BOFA, Wells, Goldman Sacs and on down the line. We bailed out the banks once and then lined their pockets with more cash when we bailed out AIG so they could pay all the CDS they over sold to the TBTF banks. Now the banksters won't even work with homeowners that want to stay in their homes and they say it wouldn't be fair. EXCUSE me! What was fair about the bailouts that every single major bank took, even the ones that said the "didn't need it" of course. The allowance of accounting trickery to let the banks survive and dump all the burden of capital losses on to the homeowners. Congress failed to stand up to the banks and now it looks like the AGs are going to let the banksters off the hook too.


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Anyone Surprised that complaints against the banks are soaring?

From the Miami Harold
Elizabeth Warren, the Harvard professor chosen by President Barack Obama to set up the new Consumer Financial Protection Bureau, said she is frustrated with how banks find ways to skirt new laws that ban certain practices.


``We need fundamental change that will address the real, underlying issues,'' she said in a Dec. 2 speech to the Consumer Federation of America. Consumer safety must trump ``deceptive and dangerous innovations,'' she said.
Is anyone surprised that the new laws and regulations against banks has not stopped the incredulous behavior of the Too Big To Fail institutions?  It is about time for some accountability here.  The banks continue to plunder everyone they can without repercussions.  We have developed a government that is now run by the banks and their executives.  The administration might as well set up a room for the bankers to come and advise the president on the correct methods of ruining the economy in order to make the banks look healthy. 
Read the Full Article Here
 
 
 
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